§ 5-507

Maryland § 5-507

• Jurisdiction: Maryland
• Article gca: Corporations and Associations
• Title: 5

Text

(a) Any Maryland corporation organized under the Maryland General Corporation Law which does or intends to do business on a cooperative basis may convert itself into a cooperative by amending and restating its charter in accordance with Title 2, Subtitle 6 of this article.

(b) The articles of amendment and restatement shall:

(1) State that the corporation elects to become a cooperative under this subtitle;

(2) Make every change in the charter necessary to become a cooperative; and

(3) Contain a complete restatement of the charter as amended.